Back Toward The Lows
S&Ps are trading back toward the session lows of 1122.30 after a short-covering bounce that took them above 1126. The market is drifting for the third time to the 1122.50-1122.30 low zone for the day.
On the downside, we see support at 1121.20 down to 1120.50. As we stated in the Morning Meeting, we also have a major area of support at 1117.50, which was yesterday’s transition zone.
Nasdaq is trading at 1376 after putting in a new session low at 1372. On the downside, our targets are 1370 and possibly 1360. Overall we expect a grind-oriented style of trade.
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